Loren Starr
About Loren M. Starr
Independent Board Member born 1961; appointed to the Board effective January 1, 2024 following the Fund Complex board consolidation. Background includes Vice Chair and Senior Managing Director (2020–2021) and CFO, Senior Managing Director (2005–2020) at Invesco Ltd.; currently an Independent Consultant/Advisor (since 2021). Education: B.A. and B.S. from Columbia College, M.B.A. from Columbia Business School, and M.S. from Carnegie Mellon University. Term designation: Class III Board Member expiring at the 2027 annual meeting; oversees 216–217 portfolios in the Fund Complex depending on fund groupings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Vice Chair, Senior Managing Director | 2020–2021 | Senior leadership of global asset manager |
| Invesco Ltd. | Chief Financial Officer, Senior Managing Director | 2005–2020 | Led finance, capital allocation, reporting; major public company CFO experience |
| TC Funds (CREF and TIAA Separate Account VA-1) | Board/Management Committee Member | 2022–2023 | Oversight of mutual fund complex governance |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| AMG | Director | 2023 | Audit Committee member since 2024; financial oversight experience |
| Georgia Leadership Institute for School Improvement (GLISI) | Chair and Board Member (former) | 2014–2021 | Non-profit governance experience |
| Georgia Council on Economic Education (GCEE) | Chair and Board of Trustees (former) | 2015–2018 | Education-focused governance |
Board Governance
- Independence: All current and continuing Board Members, including Starr, are “Independent Board Members” (not “interested persons” of the Funds or the Adviser) and have never been an employee or director of TIAA or Nuveen or any affiliate .
- Committee memberships:
- Audit Committee: Member; designated “audit committee financial expert”; committee chaired by John K. Nelson .
- Nominating and Governance Committee: Member; chaired by Robert L. Young .
- Investment Committee: Member; co-chaired by Joseph A. Boateng and Amy Lancellotta .
- Closed-End Fund Committee: Member; chaired by Albin F. Moschner .
- Attendance: During the last fiscal year, each Board Member attended 75% or more of Board and committee meetings for which they were a member .
Board and Committee Meeting Frequency (New York Quality Income/NAN)
| Period | Regular Board | Special Board | Executive Committee | Dividend Committee | Compliance/Risk | Audit Committee | Nominating & Governance | Investment Committee | Closed-End Fund |
|---|---|---|---|---|---|---|---|---|---|
| FY ended Feb 29, 2024 | 4 | 7 | 3 | 10 | 4 | 14 | 6 | 3 | 4 |
| Stub period Mar 1–Aug 31, 2024 | 3 | 3 | 4 | 4 | 2 | 7 | 2 | 2 | 2 |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (Independent Board Members) | $350,000 | Effective Jan 1, 2025 |
| Audit Committee membership retainer | $35,000 | Effective Jan 1, 2025 |
| Compliance/Risk Committee membership retainer | $35,000 | Effective Jan 1, 2025 |
| Investment Committee membership retainer | $30,000 | Effective Jan 1, 2025 |
| Dividend Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Nominating & Governance Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Closed-End Fund Committee membership retainer | $25,000 | Effective Jan 1, 2025 |
| Ad hoc meeting fees | $1,000–$2,500 per meeting | Based on meeting length/immediacy |
| Special assignment committee fees | Chair/Co-Chair: from $1,250 quarterly; Members: from $5,000 quarterly | |
| Aggregate total compensation from Nuveen Funds (Board member totals across Fund Complex) | $479,750 | For Loren M. Starr, per table totals |
Prior structures: In 2023, compensation included per-meeting fees (e.g., $7,250/day for regular Board meetings), and in 2024 there were annual committee retainers of $30,000 (Audit, Compliance), $20,000 (Investment), and $20,000 (Dividend, N&G, Closed-End) with $350,000 base retainer prior to Jan 1, 2025 adjustments .
Performance Compensation
| Performance Metric | Status | Source |
|---|---|---|
| Equity or option awards (RSUs/PSUs/options) | Not disclosed / not part of Independent Board compensation | Compensation is structured as retainers/fees; no equity awards described |
| Cash bonus tied to performance metrics | Not disclosed | No performance-linked cash bonuses for directors described |
| Clawbacks, tax gross-ups, change-of-control terms | Not disclosed | No director-specific policies disclosed |
Other Directorships & Interlocks
| Company | Role | Committee | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| AMG | Director | Audit Committee member | Asset management industry overlap; no disclosed related-party transactions with the Funds or Adviser |
Expertise & Qualifications
- Deep public company finance leadership (CFO of a global asset manager) and audit committee financial expert designation—enhances accounting, valuation, and external auditor oversight effectiveness .
- Advanced academic credentials in finance/management (Columbia B.A./B.S., Columbia MBA, Carnegie Mellon M.S.)—supports complex risk, valuation, and leverage oversight across closed-end funds .
- Prior governance roles at TC Funds (CREF and VA-1) indicate experience in mutual fund board structures and regulatory frameworks .
Equity Ownership
| Measure | NAN (New York Quality Income) | Fund Complex |
|---|---|---|
| Beneficial ownership (direct) | $0 as of May 31, 2025 | $0 across funds as of May 31, 2025 |
| Board guideline | Expect Board Members to invest at least one year’s compensation in Fund Complex, directly or on a deferred basis | Applies Fund-complex-wide |
| Deferred compensation credited (NAN) | FY: $0; Stub period: $272 | Deferred amounts credited into multiple Participating Funds (e.g., AMT-Free Quality: $4,174; AMT-Free Credit Income: $3,251; Municipal Value: $1,342; Quality Income: $3,318; etc.)—illustrative alignment via deferral elections |
Shares pledged or hedged: Not disclosed for Starr. Options/RSUs: Not applicable to Independent Board Members .
Insider Filings and Trades
| Filing/Transaction | Filing Date | Transaction Date | Form Type | Securities Owned After | Link |
|---|---|---|---|---|---|
| Initial Statement of Beneficial Ownership (Starr) | 2024-01-10 | 2024-01-01 | Form 3 | 0 | https://www.sec.gov/Archives/edgar/data/1074769/000122520824000745/0001225208-24-000745-index.htm |
[Form 3 filing retrieved via insider-trades skill output]
Governance Assessment
-
Positives:
- Independence from Adviser and parent entities; designated audit committee financial expert; serves on Audit, Nominating & Governance, Investment, and Closed-End Fund Committees—broad governance coverage .
- Attendance threshold met (≥75% of meetings); high meeting cadence indicates active oversight, particularly in Audit and Dividend Committees .
- Compensation is transparent, fixed-retainer-based with optional deferral; no equity or option awards that could misalign incentives .
-
Watch items/RED FLAGS:
- $0 direct beneficial ownership across funds as of May 31, 2025—could be perceived as low “skin-in-the-game” unless offset by deferred compensation; Board expects investment equivalent to one year’s compensation either directly or via deferral; Starr has deferred amounts into Participating Funds, including NAN in the stub period ($272) .
- External directorship at AMG (asset management) warrants routine conflict screening, though no related-party transactions are disclosed in the proxy .
-
No red flags disclosed regarding:
- Related-party transactions, loans, hedging/pledging, SEC investigations, option repricing, or say-on-pay concerns for directors in this fund complex .